Stephen Mack remembers the conversation well. He had traveled to his parents’ home for Thanksgiving and was talking with his father, John Mack, the former chairman and chief executive of Morgan Stanley.

John Mack, the former head of Morgan Stanley, is going into business with a 77-year-old tax lawyer who oversees more than $15bn in investment assets for clients such as ex-basketball star Magic Johnson and the founding family of Estee Lauder Cos.

John Mack, former chairman and CEO of Morgan Stanley, spoke with Bloomberg Television's Erik Schatzker and Stephanie Ruhle on 'Market Makers' about Vikram Pandit's departure from Citigroup, saying that 'there was a view clearly by shareholders that change was a good thing'.